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Frequently Asked Questions

What is a Certificate of Incumbency?

A Certificate of Incumbency is a document that essentially assigns signatory powers to other individuals. It proves that a particular individual is authorized to enact legally binding transactions on behalf of a company. The difference between Certificate of Incumbency and Certificate of Formation lies in their approving body. Certificate of Formation is a document accepted and approved by the State itself. On the other hand, the Certificate of Incumbency is the one that is accepted and approved by the Notary of Delaware.

On the Certificate of Incumbency, you may write down:

– Company owners’ names,

– Shareholders,

– Interest rates,

– Address of the company,

– The local address,

 

If you need help with preparing a Certificate of Incumbency, we can assist you in preparing one.

What does the Foreign Qualification entail?

Do you have a company incorporated in Delaware and want to do business in other U.S. states? Or, do you have a company in another state and want to enter the Delaware market? In short, if you want to conduct your business in states other than the one your company is incorporated in, you should consider applying for “Foreign Qualification.”

If you wish to register your business in a state in which your business is considered to be “alien”, you need tp get a Certificate of Registration (or Certificate of Authority) at the end of the registering process. With this registration, you will be able to protect your business according to the state that you run your business. For instance, by registering your Delaware-based business to California, you will be able to protect your business within the borders of Delaware General Corporate Law and legally conduct your business in California by the local legislation.

Moreover, you need to have the Certificate of Registration when you want to open a bank account in the state the company is operating.

What does the Operating Agreement entail?

An operating agreement is a crucial document that is used and required by limited companies to set out the financial and functional decisions of the business including in-house rules, regulations, and provisions. The purpose of the document is basically to manage the internal operation of the company to suit the specific requirements of the owners.

First of all, it is a legal document which means that it would lead to certain legal implications in an event of a conflict. Although most states do not require an operating agreement – still we highly recommend it for multi-member LLCs since it structures the finances and organization of the LLC-, it is mandatory in Delaware State of the USA.

It regulates; Organization, Management and Voting, Capital Contributions, Distributions, Membership Changes, and Dissolution.

  • Organization: The first part of the operating contract is related to the establishment of the company. It covers when the company was founded, who the members are, and the ownership structure. If there is more than one member, they may all be equal ownership or a different amount of “ownership units”
  • Management and Voting: This section discusses how the company is managed and how members vote. It is the case that the company may be managed by one of the members appointed by the members. The operating agreement determines what authority the members have on the company affairs. The decisions may be made through a voting process among the members. The operating agreement may determine the number of votes required by the company for certain actions.
  • Capital Contributions: This part is about the money given by the members to start the Limited Liability Company. It covers which members have given the money to establish the company. It also covers how the members will raise extra money.
  • Distributions: This part shows how the company’s profits and losses are shared among the members. This money may include physical property or other commercial assets.
  • Membership Changes: This part is totally about the process of adding or removing members. It covers what might happen in the case of the transfer of company ownership. For instance, the company determines what happens if a member dies or goes bankrupt etc.
  • Dissolution: In this part of the operating agreement, explain in which situations the company should be dissolved. This is sometimes called “wind up”.

How can I prove that you own a LLC in Delaware?

Delaware LLCs are the most well-known company type in Delaware and they are probably one of the most flexible types of business types that you can encounter anywhere in the world due to the legal protection and flexibility that provide to their owners. Whether you are a single entrepreneur or a family business, or a partnership with many members, LLCs fit into any situation to start a business.

In short, LLC is the abbreviation for Limited Liability Company; which, as the name suggests, burdens the owner(s) of a company with limited liability both financially and administratively. Unlike a corporation, the members of an LLC have the freedom to attain the roles, responsibilities, and liabilities of the single members of the company. Through the Operating Agreement which is written and signed by the members of the LLC, the owners of the company can determine their respective roles.

The main feature of an LLC is that the members of an LLC are not required to publicly disclose any personal information to form and maintain their companies. In addition, this privacy can save resources and time if the company decides to add, drop, or transfer members to or from the company in the future. In conclusion, when you start an LLC in Delaware, your information is kept confidential, and you do not have to state who started the business. Accordingly, you don’t have to give information about the other members. However, this may sometimes create problems, especially when you need to state who the owner of your company is.

Proof

To remedy this, the above-mentioned “Operating  Agreement” which includes the regulations about the authority, shares, and liabilities comes into play. As all members should sign this agreement,  you can use this agreement if you need to prove you are a member/owner of this company. Accordingly, there should also be a membership certificate for each member of the company. You can also provide this certificate when needed. This certificate usually states the shares, number of stock shares, and the liabilities of a member.

If I Have a Small-Scaled Company, Do I Have to Get an EIN?

All kinds of businesses without looking at their size and the number of employees must get an EIN.

Do I have to obtain an EIN?

The IRS makes it obligatory to have an EIN if you have employees, are a part of Keogh’s plan. Involved with trusts, estates, NGOs, farmers’ cooperatives, file tax returns for alcohol, employment, excise, firearms and tobacco. If you intend on opening a business bank account, you are required to have one.

Can I run a business without a Tax ID?

Each type of business has some tax responsibilities, but its ways depend on the kind of business. Even if there is no need to have it in some cases, it has some advantages to get a Tax ID.

What are the ITIN Exceptions?

What are the ITIN Exceptions?

– Third-Party Withholding on Passive Income
– Other Incomes
– Third-Party Reporting of Mortgage Interest
– Third-Party Withholding—Disposition by a Foreign Person of U.S. Real Property Interest
– Reporting Obligations under TD (Treasury Decision) 9363

How to scan Passport and Visa for ITIN Applications?

How to scan Passport and Visa for ITIN Applications?

– You need to apply for an ITIN with your current/valid
– If you have any old passport, please upload it, too.
– The resolution of your passport must be at the highest level.
– The passport scan must be in actual size.
– Your passport’s top and bottom page must be shown, as shown in the picture below.
– The ITIN Office does not accept the faded copy, your passport must be clear and easy to understand.
– As shown below, your passport must be on the top of the page and your picture below.
– Your passport scan must be
– Please, do not forget to save your passport scan as a .pdf file.
– You need to send us the .pdf copy of your passport scan.

Can I get an ITIN without an Social Security Number?

You can only apply for ITIN if you do not have an SSN and without an SSN (Social Security Number) qualification.

How to Get an ITIN Number Quickly?

– With our professional team, you do not have to contact to IRS directly. We will expedite your application to get your ITIN application faster.
– You do not have to send us your original documents such as a passport that may get lost. We will verify them.
– We will be in the process of any necessary revisions required from the IRS so you do not have to follow-up the entire process.

When Does a Non-US Person Need an ITIN?

When Does a Non-US Person Need an ITIN?

  • You need to file a tax return,
  • You are a spouse or a dependent child, who is not a U.S. citizen or resident, of a U.S. taxpayer,
  • You have any sort of U.S. trade or business or effectively connected income in the USA, for example; you own a rental property that you are renting out.
  • You own a business, or you are processing credit cards,
  • You have any sort of tax filing obligation in the USA.

Does ITIN Expire?

Your ITIN expire s, if;
– Your ITIN has not been used on a federal tax return at least once in three
consecutive years,
– Additionally, all ITIN’s issued before 2013 with middle digits of 83, 84, 85, 86,
or 87 (Example: (9XX-83-XXXX) expired at the end of the 2019.feder

How to Transfer Money from My US Bank Account?

If you have a bank account in the US and want to transfer your money, there are several options for you. ACH transfer or Electronic Funds Transfer (EFT), PayPal, Western Union, TransferWise.

What Is A Virtual Address for Business?

A virtual business address is a real street address at a mail center. Or in a prestigious office building location where you elect to receive your business mail and packages.

What is a US Business Address?

A US business address is a physical address that companies use to conduct business.

What is an SS-4 Form?

Those who form their businesses, trusts, NGO’s and other organizations, are required to fill out the SS – 4 form. It is the form used for applying for an Employee Identification Number – EIN. The EIN is used for tax filing and reporting purposes.

Which documents do you have to provide for ITIN?

Which documents do you have to provide for ITIN?

– Correctly completed an application form on our website.
– A valid passport copy and scanned. (We are a Certified Agency, and you do not have to send your real passport to us)
– A compelling reason to get an ITIN.

You can find our ITIN application form at here.

Why does a bank need an EIN?

Why does a bank need an EIN?

If you have an EIN, it shows that you have a company and are doing business. It shows that you have the right to sign checks, send payments and control the finances of that organization. Many banks look for proof of ownership in your company. This begins with a separate EIN. Some banks may require other documents like a business license and so on. You must provide the official name of your business, DBA – doing business as a moniker as well as the address of your business.

You can order your EIN and start your EIN process right now!

Do I need an EIN to open a bank account?

An Employer Identification Number (EIN) — also called a Federal Tax Identification Number is the number to identify what you are doing as a company in the US and track all paths of the company. It permits you to conduct tax-related business and so on in the US.

How to Cancel Your EIN?

The IRS cannot cancel your EIN. Once an EIN has been assigned to a business entity, it becomes the permanent Federal Taxpayer Identification Number for that entity.

When Do You Need a New EIN?

You will need a new EIN usually for:
– Changing Entity
– Bankruptcy
– Having a new charter as a corporation